Barksdale Completes First Option Payment On Four Metals

VANCOUVER, B.C. / ACCESSWIRE / April 22, 2019 / Barksdale Capital Corp. (“Barksdale” or the “Company”) (TSXV: BRO) (OTCQB: BRKCF) is pleased to announce that it has made a US$25,000 cash payment and issued 66,032 common shares to Minquest Ltd and Allegiant Gold Corp (collectively the “Project Vendors”) at a deemed price of C$0.5051 per share. This payment confirms Barksdale’s intention to continue with the existing option agreement on the 760-acre Four Metals project, located 3km south of the Company’s flagship Sunnyside project and approximately 6km south of South32’s Taylor-Hermosa zinc-lead-silver development project. All the issued shares are subject to a 4 month hold period expiring August 19, 2019. Details of the option are outlined below.

The Four Metals property hosts an outcropping copper-molybdenum-silver-gold deposit that has seen multiple exploration campaigns dating back to the early 1900’s. Historic drilling has outlined breccia-hosted mineralization from surface to approximately 180 meters depth. Significant drill intercepts from historic drilling campaigns have included 91.74 meters grading 1.12% copper, 0.061% molybdenum and 3.63 g/t silver in drill hole UG-4 (0.00 to 91.74 meters depth) as well as 64.01 meters grading 1.33% copper, 0.073% molybdenum and 4.37 g/t silver in UG-7 (from 0.00 to 64.01 meters depth). These drill holes were completed prior to the implementation of NI 43-101 and have not been verified by a “qualified person” and therefore should not be relied upon.

Option Terms

To exercise the Option and acquire 100% ownership of Four Metals, Barksdale must make option payments totaling US$450,000 to the Project Vendors. This includes both cash and common shares of Barksdale, based on the market price of the Company’s shares at the time of issue, over a five-year period as follows:

Date

Total Option Payment Due

Portion of Option Payment Payable in Cash

Portion of Option Payment Payable in Shares

Upon execution (COMPLETE)

US$25,000

US$25,000

N/A

First anniversary (COMPLETE)

US$50,000

US$25,000

US$25,000

Second anniversary

US$50,000

US$25,000

US$25,000

Third anniversary

US$50,000

US$25,000

US$25,000

Fourth anniversary

US$50,000

US$25,000

US$25,000

Fifth anniversary

US$225,000

US$100,000

US$125,000

TOTAL

US$450,000

US$225,000

US$225,000

Lewis Teal, Barksdale’s project manager and a “qualified person” as defined by NI 43-101, Standards of Disclosure for Mineral Projects is responsible for approving the scientific and technical information regarding Four Metals contained in this news release.

About Barksdale Capital Corp

Barksdale Capital is focused on the acquisition and exploration of highly prospective base metal projects in the United States. Barksdale’s portfolio of assets is located within a world-class base metal district in southern Arizona and are surrounded by some of the world’s largest mining companies.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” under applicable Canadian securities legislation including, but not limited to, the expected closing date for the Option and the Company’s initial plans for Four Metals. In addition, the proximity of Four Metals and the Company’s Sunnyside property to South32’s Taylor-Hermosa deposit is not necessarily indicative of the mineralization within Four Metals or Sunnyside. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.